Officially released in 2010 under MetaQuotes Software Corp., MT5 offers traders the freedom to navigate financial markets in real-time, including foreign exchange (Forex – currency pairs), CFDs, stock exchanges, and the futures market. Like the MT4 platform, mobile apps are commonly available on MT5 for iOS or Android on your smartphone or tablet, enabling traders to trade on the go.
FP Markets offer full mobile accessibility on MT5 and MT4 accounts on iOS (System Requirements: iPhone iOS 7.0 or later. Compatible with iPhone, iPad, and iPod touch) and Android devices (System Requirements: Android 4.0 or higher. Download from Google Play).
In addition to MT5’s rich functionality, market participants also have the option of operating multiple accounts.
MetaTrader 5: Login
Once the account opening phase is complete, the trader will receive account details via the email registered. This includes account name, account base currency, leverage selected, trading account number, and password as well as the server URL.
Once MT5 is successfully downloaded, you’re free to login to your MT5 trading platform using the details supplied within the registration email, as shown in figure 1.A.
Managing Multiple MT5 Accounts Simultaneously
Fortunately, a number of options are available for traders wishing to operate multiple accounts.
What’s also appealing is you’re not confined to one broker; accounts can be opened with different brokerage firms and operated through MetaTrader’s platform. Active accounts are located within MT5’s Navigator window, categorised on the basis of the server. Demo accounts are represented by a green icon, while live accounts work with a gold icon. With MetaTrader, traders also have the ability to open as many demo accounts as they wish; live accounts, nonetheless, need to be opened through your selected broker.
Operate multiple terminals:
Those who seek to operate multiple terminals at the same time can simply download individual trading platforms (from different brokers) and run each simultaneously. This, however, can become laborious and somewhat time-consuming. Additionally, multiple MT5 platforms running concurrently may slow the processing speed of your computer.
Download the MetaTrader 5 package from MetaQuotes:
Another option is downloading the MetaTrader 5 package from MetaQuotes, as in figure 1.B. You can then trade from this platform by logging into individual trading accounts (illustrated in figure 1.A), which saves automatically after the initial login. Although this does not run platforms simultaneously, it takes seconds to transfer between accounts and, importantly, saves RAM.
Trading with an individual broker:
If you trade with an individual broker, yet wish to operate multiple trading accounts, you can work with the MT5 package provided by that broker. For example, in figure 1.D, we’re working with two demo accounts from FP Markets. Again, though, in this instance, platforms will not run simultaneously – each individual account will need to be accessed via the login function. Though in the space of a few seconds, as already highlighted above, traders can effortlessly shift between accounts by double-clicking the account of choice and then logging in.
Why Have Multiple Accounts?
A common reason traders choose to run multiple accounts is if one broker’s server malfunctions and contact is limited, you can switch to another account.
To start trading professionally, additional live practice accounts and demo accounts are also important. Despite some dismissing the use of demo accounts, they’re in place to help understand and experiment with the following operations:
- Different trading systems.
- Expert advisors (MT5 uses MQL5 programming language).
- Different timeframes.
- Different account types.
- Different order types (pending orders, stop-loss orders [stop orders], and take-profit orders, for example).
- The broad range of trading tools.
Trading with small live practice accounts, nevertheless, help traders become accustomed to psychological elements present in live trading. Open positions in a live account tend to intensify trading psychology, an emotional state unlikely to be felt during demo trading.
Some professional traders also prefer to have different accounts suited to specific goals and trading styles. For instance, a day trader may have a separate trading account, an income or master account, used primarily for short-term trading strategies. Another popular account is a long-term account, some refer to this as a retirement account, in place to execute position trades.
In addition to the above, there are traders who use both MT5 and MT4 terminals, as many prefer the straightforwardness MT4 trading offers and MQL4 functionality.
DISCLAIMER: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation, or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com, and should be considered before deciding to deal with those products. Derivatives can involve a high level of risk; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.